What is the Full Form of MICR ?

MICR - Magnetic Ink Character Recognition

Magnetic Ink Character Recognition is a character recognition technology used by the majority of banks while their cheques. The technology uses magnetic ink for printing the code, which is usually present at the bottom of the cheque.

A typical MICR code may contain the following details :

Cheque Serial Number

Account Number

Branch or city code of a bank

Transaction code

Why to use MICR TechnologyMagnetic Ink Character Recognition Technology makes use of Magnetic Ink which usually consists of iron oxide. It makes the system read the characters even when it is overwritten, stamped or marked.